Stock fact sheet · data as of

Ulta Beauty, Inc. (ULTA): fair value, margin of safety and Wheel Score

Consumer Cyclical · Specialty Retail · United States · Blend

Close592.42
GLS fair value476.968 of 9 models
Margin of safety-24%price above fair value
Wheel Score61Fairout of 100
Health5/9Piotroski F-score
Moat8.0/10GLS 10-year score
Market cap$25.5B604k shares a day
Implied vol.33%near-the-money, 20-60 d
P/E21.2EPS 27.90
Dividend yieldnone
Beta0.84about the market
Next earnings3 Dec 2026in 48 days (after the close)

Is ULTA undervalued?

At 592.42 (close of 16 Oct 2026), ULTA trades 24% over the GLS average fair value of 476.96. 3 of the 8 models land above the price and 5 below. A negative margin of safety costs Value points in the Wheel Score (2 of 25 here) - the models see no discount, which does not make the business a poor one, only the price a full one.

The 8 models disagree widely: Graham Number gives 195.63 while Graham Growth gives 844.69. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

The nightly engine files ULTA under Blend.

Nine valuation models for ULTA

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

ModelValuevs priceWhat it measures
DCF471.58-20%Present value of the projected free cash flows, discounted at the cost of capital
Graham Number195.63-67%The most a defensive investor pays for the earnings and book value per share
Graham Growth844.69+43%Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields
Lynch313.36-47%EPS × the earnings growth rate (PEG of 1), growth capped at 25%
GLS Growth331.70-44%EPS compounded ten years at the blended growth rate, discounted back at 15% a year
10 Cap740.59+25%Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%
Payback Time608.11+3%Eight years of compounded free cash flow: the price at which the business pays for itself
DDM--Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight
EPV310.02-48%Earnings power value: current EPS capitalised at 9% with no growth
Zombie (liquidation)-24.46-104%Current assets less all liabilities, per share: the balance-sheet floor. Not in the average
Wall St target624.93+5%Analysts' average 12-month price target. Not in the average

Quality and financial health

Financial health is average - ULTA passes 5 of the nine Piotroski tests, which falls one point short of the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 8.0 out of 10, built from ten years of revenue, earnings, margins, cash flow, share count and returns on capital scored for consistency - a high reading that points to a durable business.

Returns on capital are high - ROIC 23.1%, ROE 41.1%, ROA 16.5% - with debt at 0.78 times equity and a free-cash-flow yield of 4.2%.

Ulta Beauty, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Gift card breakage 100% (fiscal year FY2025).

Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 10/10 on the GLS smart-money scales.

Piotroski F-score5 / 9ROIC23.1%
GLS Moat8.0 / 10ROE41.1%
Debt / equity0.78ROA16.5%
Free-cash-flow yield4.2%Payout ratio0%
Institutions10 / 10Insiders · Congress1 · 10 / 10

Wheel Score 61: Fair

ULTA scores 61 out of 100 on the Wheel Score (Fair band, 50-64): a usable but unremarkable fit for the wheel strategy. The parts: Value 2/25, Health 11/20, Moat 12/15, Premium 18/20, Stability 17/20. Value (2/25) is where the points are missing.

Implied volatility is 33% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (18 of 20 points). Chain open interest is 13,385 contracts across all expiries - enough for the wheel at normal size.

Volume runs at 604k shares a day on a market cap of $25.5B, with a beta of 0.84; the Stability part of the Wheel Score gives that 17 of 20.

PartPointsFrom
Value2 / 25-24% margin of safety
Health11 / 20Piotroski 5/9
Moat12 / 15moat 8.0/10
Premium18 / 20implied volatility 33%
Stability17 / 20604k shares/day, $25.5B cap, beta 0.84

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

The next earnings report is due on 3 Dec 2026, 48 days away - outside the window of a 30-45-day put sold today.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Specialty Retail

The 12 companies below are the closest to Ulta Beauty, Inc. by market cap within the Specialty Retail industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

StockCloseFair valueMoSWheelMkt cap
CASY
Casey's General Stores, Inc.
673.63330.95-104%64Fair$24.9B
CPNG
Coupang, Inc.
14.799.90-49%45Weak$26.6B
WSM
Williams-Sonoma, Inc.
242.48148.10-64%63Fair$28.6B
BBY
Best Buy Co., Inc.
94.1793.88-0%78Good$19.8B
JD
JD.com, Inc.
27.39114.53+76%88Prime$37.0B
TSCO
Tractor Supply Company
32.7421.97-49%67Good$17.1B
W
Wayfair Inc.
104.7883.75-25%44Weak$14.4B
GME
GameStop Corp.
28.0238.65+28%72Good$14.1B
AZO
AutoZone, Inc.
3,059.622,988.47-2%67Good$49.9B
DKS
DICK'S Sporting Goods, Inc.
140.84163.52+14%76Good$12.5B
FIVE
Five Below, Inc.
223.23225.38+1%79Good$12.3B
EBAY
eBay Inc.
122.91108.54-13%71Good$54.7B

⚖ Compare ULTA with 7 of them   All Consumer Cyclical stocks →

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Questions about ULTA

Is ULTA undervalued right now?

No: at 592.42 the stock trades 24% above the GLS average fair value of 476.96 (data as of 16 Oct 2026). The margin of safety is negative.

What is the Wheel Score of ULTA and what does it mean?

ULTA scores 61 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.

What is the GLS fair value for ULTA?

476.96 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.

When does Ulta Beauty, Inc. report earnings next?

The next earnings report is due on 3 Dec 2026 (after the close), 48 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.

Does ULTA have listed options, and how liquid are they?

Yes. The nightly snapshot found 1,000 listed contracts with 13,385 open interest across all expiries and implied volatility of 33% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.

Data as of 16 Oct 2026: prices and fundamentals from Financial Modeling Prep, option data from Polygon; valuations, scores and the Wheel Score by GLS Equity's models, run nightly. Prices in USD; the close shown is the previous session's. Everything on this page is general information produced by automated models from third-party data - not a recommendation to buy, sell or trade any security or option, and not financial advice. Past performance is not indicative of future results. GLS Equity provides data and tools, not financial advice.